Larry The Tax Man

See Our Full Line Of Learn More&rsaquo,See Our Full Line Of Learn More&rsaquo,See Our Full Line Of Learn More,Our goal is to make the preparation process as easy as possible for you and minimize your tax liability with careful planning. Your tax preparation interview can be conducted either in person, by mail, or e-mail - whichever is most convenient for you. Whatever your circumstances may be, we are here to give you the best advice to help you get through life's challenges. Bank Levy If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in. Below are some possible scenarios. The IRS could seize and sell property that you hold (such as your car, boat, or house), or The IRS could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions). Innocent Spouse Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows. Both taxpayers are jointly and individually responsible for the tax and any interest or penalty due on the joint return even if they later divorce. This is true even if a divorce decree states that a former spouse will be responsible for any amounts due on previously filed joint returns. One spouse may be held responsible for all the tax due even if all the income was earned by the other spouse. IRS Audit Notification The first step is not to panic. The IRS uses letters to communicate with taxpayers about IRS audits. As with most IRS communication, there are deadlines associated with IRS audit letters. IRS Seizures A federal tax lien arises when a tax return is filed and the tax isn't paid after a demand for payment has been made. By law the lien is in favor of the United States and is upon all property and rights to property of the person with the unpaid tax. To protect the government's right of priority against other parties who are owed money by the same person, the IRS will file a Notice of Federal Tax Lien, which puts other creditors on notice about the IRS's claim. Non Filing The IRS has identified taxpayers who fail to file income tax returns and effectively stop paying income tax as a serious threat to tax administration and the American economy. The IRS's role in combating the area of non-filing is that of outreach, education, and enforcement of the tax laws. Offers in Compromise Qualifying for an offer-in-compromise settlement can save you thousands of dollars in taxes, penalties and interest. An offer-in-compromise is an agreement between a taxpayer and the IRS to settle the taxpayer's tax liabilities for less than the full amount owed. Payroll Tax Problems Social Security, Medicare and income tax withholding from employee wages is just part of normal operations. Failure to file and pay your payroll taxes is a sure way to get in trouble with the IRS.